Crypto-linked equities posted strong gains at the Wednesday U.S. open, driven by Bitcoin’s surge above the $72,000 level, a price not seen since early February. The move triggered a sharp rebound following Tuesday’s selloff and reignited risk appetite across the digital asset sector.
The price of Bitcoin climbed to $72,600 at the start of the U.S. session before pulling back toward the $71,500 area, still holding an approximate 5% gain over the past 24 hours. The $70,000 to $72,000 range has acted as a technical ceiling over the past month, making this zone a critical test for the sustainability of the current bullish momentum.
In equities, Coinbase led the advance, jumping more than 12% and reclaiming the $200 level for the first time since late January. MicroStrategy, the largest corporate holder of bitcoin, gained nearly 9% to reach a one-month high. Additional upside was recorded by Galaxy Digital and Robinhood, while Circle extended its weekly rally following its recent earnings report.
Bitcoin miners also staged a recovery after Tuesday’s decline, tracking the strength in the underlying asset. The broader U.S. equity market moved higher as well, with both the Nasdaq and S&P 500 gaining around 1% in early trading, though bitcoin’s relative outperformance stood out against traditional risk assets.
According to Wintermute OTC trader Jasper De Maere, the recent outperformance of digital assets may reflect a rotation of capital away from equities and into crypto markets amid macroeconomic uncertainty. He suggested that stocks and cryptocurrencies currently function as substitute risk assets, meaning slowing inflows into equities could create tactical opportunities for digital assets.
Source: Market report covering Wednesday’s U.S. open
Disclaimer: This content is for informational purposes only and does not constitute financial advice or an investment recommendation. Digital assets and related equities are highly volatile and involve significant risk.
